Hagens Berman Sobol Shapiro LLP notified investors in Aardvark Therapeutics, Inc. of a pending securities class action lawsuit over the company’s initial public offering and subsequent securities trading. The proposed class includes investors who purchased or acquired Aardvark common stock pursuant to or traceable to offering documents issued for the IPO on or about February 13, 2025, as well as those who bought Aardvark securities between February 13, 2025, and May 14, 2026. The complaint alleges that Aardvark, a clinical-stage biopharmaceutical company developing small-molecule therapies targeting bitter taste receptors such as ARD-101 for hyperphagia in Prader-Willi Syndrome, made materially false or misleading statements and failed to disclose safety information. It alleges that ARD-101 was less safe than represented and that reversible cardiac observations, including QRS prolongation, occurred at above-target doses, causing the company’s clinical, regulatory and commercial prospects—including the Phase 3 HERO trial and OLE trial—to be overstated. Aardvark announced a voluntary pause of the HERO trial on February 27, 2026, after routine safety monitoring in a healthy volunteer study identified reversible cardiac observations at above-target therapeutic doses; its stock fell more than 56%. On May 14, 2026, the FDA (U.S. drug regulator) placed a full clinical hold on the ARD-101 IND, halting all ongoing studies under the application, including the HERO and OLE trials, and the stock fell another 32.1%. Investors have until October 13, 2026, to seek appointment as lead plaintiff.